Always scanning the radar for a new business opportunity? Pay attention to a certain blip growing on your screen. It’s not just bigger than a house – it’s the size of a metropolis. I’ve been profiting from the vacation rental boom myself already with geographically targeted directories. In my upcoming free webinar, you can learn how to efficiently start your own vacation rental business and claim your own vacation rental territory.
For now, let’s look at some numbers from U.S. Vacation Rentals 2009 – 2014: A Market Reinvented, a report recently published by market research firm PhoCusWright. Travelers are spending nearly $24 billion on vacation rentals, which is about one-fifth of the U.S. lodging market. In 2012, people booked 18.7 million vacation rental stays. That’s 20% of all travelers surveyed, twice as many from 2007.
Websites that list vacation rentals are empowering the rental-by-owner (RBO) homeowner segment to promote and book their properties more effectively.
Only 1 out of 10 RBO bookings happened online in 2007, vs. 1 out of 4 in 2012. Impressive! But that still leaves a large, untapped chunk of the RBO market out there. Regardless of whether they book online, nearly 3 out of 4 travelers shop for vacation rentals via the internet. And 15% are using a mobile phone or tablet for their search.